UK consumer confidence is lowest since measurements began in 1974

Photo: ANP

UK consumer confidence fell further this month amid concerns among people about the sharp rise in the cost of living and economic recession. According to research agency GfK, the index is at its lowest level since measurements began in 1974.

The index now stands at minus 49. This means that the index has fallen faster than economists had expected. Britons are becoming more negative about the current economic situation and their financial outlook for the future, according to GfK.

“Consumers are under increasing pressure from the cost of living crisis,” GfK said. They ask themselves when and how the situation will improve.

Prime Minister Liz Truss’ government will announce new plans later today to help families and stimulate the economy, including through tax cuts. Truss previously said he would freeze home and commercial energy bills.

The Bank of England announced on Thursday that it will raise interest rates further to counter inflation. The British economy may already be in a recession.

Consumer confidence also fell to a new low in the Netherlands, according to Statistics Netherlands (CBS) earlier this week. According to Statistics Holland, the Dutch have never been pessimistic about the economy since measurements began in 1986.

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